Home Loan
Is preclosure charges for changing the bank is illegals?

Hello,

I would like to know if prepayment charges because of transfer of home loan amount from one bank to another is illegal? I came know from internet that in one of cases, court has termed it as illegal. Request you to through light on this.

http://courtnic.nic.in/supremecourt/temp/dc%201634507p.txt

Thanks.

Vivek

Company: Home Loan
Country: India

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